What is Metric?
It measures the performance of a website. For. e.g., Checking the traffic to your website.
There is a long list of metrics that prove beneficial for your e-commerce.
How often should you check the metrics?
After having a list of metrics, it is vital to bring them into use. You can check them in the following way.
Some metrics, such as social media, should be checked every week to keep yourself updated with the current position.
Some metrics can be checked bi-weekly. You need to decide what those metrics will be.
Metrics such as the rate of opening of e-mails can be checked monthly.
These metrics are unlike weekly ones. They include bigger tasks, such as subscriptions.
Metrics for e-commerce
Here is a list of metrics for successful e-commerce.
Product discovery metrics
Without creating an awareness of your brand, you cannot reach the desired goal. Your brand needs to be known by audiences.
It tells how many times your ad is being presented. Impressions are under your control because they depend on your pocket.
They are available from any platform such as Facebook and Google Paid ads.
It is the aggregate of viewers irrespective of the platform. You can use platforms such as Facebook and Instagram to reach more audiences.
With an effective brand campaign, you can expand your reach.
It is the intersection point of the above two. It shows the number of subscribers or followers you have.
You can increase Engagement by being constantly active. These efforts will make your brand to be known by several people.
To have a buyer, you need to let them reach your site. Let’s focus on such metrics.
- Email click-through
It is the number of e-mail subscribers( who have opened your e-mail). You can improve this by having attractive subject lines.
- Cost per acquisition
No one likes to spend on something that is not productive. Cost per acquisition make sure you spend on those campaigns that give you results.
You can improve the cost per acquisition by dividing campaigns for the targeted audience.
- Organic acquisition traffic
It tells you the number of people that visit your website organically. It is the audience for which you are not paying to attract.
To improve this, SEO and its practices need to perform well.
- Social media engagement
In today’s time, when everyone is highly active on social media, you need to make sure that your brand is also present.
Likes per cost, share per cost, and comments per post are some of the effective ways to improve your social media engagement.
After making a customer reach your website, the next task is to make it your buyer. Following are some metrics for that.
- Shopping cart abandonment rate
It is the rate that shows how many customers fill their cart but leaves without buying the products.
Through this rate, you can check the hurdle in your way.
- Checkout abandonment rate
It is the rate that tells how many customers leave after checkout. If you are facing such a problem, then this metric can be your saver.
You can assist your customers if they are facing a problem.
- Average order value
It is the average amount that customers are paying for products. This will help you in understanding the expenditure habits of the customers.
Accordingly, you can offer discounts and offers.
- Micro to macro conversion rates
It is identical to abandonment rates. It allows you to focus on those activities that you feel are important.
Also Read E-commerce development services.
Retaining customers is tough than increasing customers.
- Customer retention rate
It is the number of customers that you have been able to retain. It is important to consider existing customers with new customers.
Your site will do well when you have more retained customers.
- Customer lifetime value
It is the amount that a customer has spend up till now on the purchase from your website.
This is helpful to find the existing problem.
- Repeat customer rate
Another way to check your performance is to have a look at the customers who have made multiple purchases from your website.
This will help you to focus on some areas that can do well.
- Refund and repeat rate
Return and refund is something that every customer prefers while doing purchasing from a website.
However, big websites can also have large returns and refunds. This rate helps you to reach the root of the problem. You can maintain the health of your website through this.
- E-commerce churn rate
This rate gives you the number the numbers of customers you have lost up till now.
This rate might not be important for some e-commerce. But for some, it might play an important role in determining growth.
These metrics are hardly looked upon. On the other hand, they are vital.
- Net promoter score
It is good if you have more promoters. This score will help you to serve better to your customers.
You can improve the customer experience. It is an important measure to check the performance.
- Subscription rate
E-mail list shows how many customers are interested in hearing from you. Subscription rates can be improved with better communication that is done through e-mails.
- Program participation rate
Loyalty programs can help you to know the customers that are the member.
With a higher number, you can take initiatives that can help you to serve better to your customers.
Metrics play a vital role in the growth of e-commerce. With the use of metrics, you can ensure growth.
They help you to identify the underlying problem and come up with an effective solution and make better strategies to increase the popularity of your website.
Don’t think, start practicing!
Related: 3 Reasons why your business needs SEO